Settlers Life (VA)
Receivership Ends
On December 16 the Virginia State Corporation Commission announced that it had ended its receivership of Settlers Life after its purchase by National Guardian Life of Madison, Wisconsin and that the company may restart its operations. Settlers will operate as an affiliate of National Guardian Life, the largest member of the National Guardian Life Insurance Group, which is licensed to do business in 43 states. Settlers and its 60 employees will remain in Bristol, VA.
Task Force Chair - Mike Marchman; Staff Contact - Unison Life (OK)Court Approves Estate Closing; Final Distribution
On December 10, the Unison Liquidation Court approved the Estate Closing and Final Distribution Agreement. The agreement will permit the Bonneville Life estate to close in the near future and, if possible, permit the closing of the Unison insolvency in the next 18 months. The agreement will operate as follows: the Bonneville Receiver will make a final distribution to Unison as a surplus noteholder; this will result in the closing of the Bonneville estate; and the Unison Receiver will then immediately transfer that payment to NOLHGA for distribution to affected guaranty associations pursuant to an existing early access agreement between the Unison Receiver and affected guaranty associations. Under certain circumstances, guaranty associations will be obligated to repay funds at the request of the Bonneville Receiver for 18 months after the distribution.
Task Force Chair - Bart Boles; Staff Contact - Bill O'Sullivan Consolidated National Life (IN)Estate Closing Approved
On November 29th Marion Circuit Court Judge William Lawrence approved the closing of the Consolidated National Life Estate. The company has been dissolved and the Liquidator, prior rehabilitators and their respective special deputies, agents, counsel, employees and consultants have been discharged.
Task Force Chair - Chris Wilcox; Staff Contact - Sean McKenna Executive Life (CA)Report on Life Batch 3 Revisions to Schedule 9.3.3
Arthur Andersen has issued its report on Life Batch 3 revisions to Schedule 9.3.3, and mailed a copy to the 16 participating guaranty associations affected by the changes. Arthur Andersen found no reason to contest the changes.
The sixteen affected associations are AR, AZ, CA, FL, GA, HI, IA, IL, LA, MO, NM, OR, TN, TX, UT and VA. Other participating guaranty associations may request a copy of the report by calling Meg Melusen.
Task Force Chair - Art Dummer; Staff Contact - Universe Life (ID)Assumption Reinsurance Agreement to Close
Closing of the assumption reinsurance agreement with Madison National Life is scheduled for December 28. Participating guaranty associations should fulfill their funding obligations no later than December 22. Questions can be directed to Dana Woodward.
Task Force Chair - Tad Rhodes; Staff Contact - Paul Peterson2000 NOLHGA Dues Calculation
A request for company counts and premium data was faxed to NOLHGA members last week. Members should return their completed information to NOLHGA by December 31. For further information contact Jay Jagolta.
Staff Contact - Sean McKennaInsolvency Financial Report
The two-volume Insolvency Financial Reports will be mailed next week. The reports include background and cost information by state and account and have been modified this year to include additional expense, claim, and asset recovery information. Distribution is limited to NOLHGA Board members, state board chairs and guaranty association administrators.
Staff Contact - Paul PetersonCALENDAR/CONFERENCE CALLS
December 20: FBLIC Task Force Teleconference, 2 pm ET
December 28: ULIC/MNL assumption reinsurance agreement closing